Pay and Specialty - Câblevision du Nord de Québec inc., Val d'Or

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
535424121 Câblevision du Nord de Québec inc., Val d'Or Câblevision du Nord de Québec inc. BCE Inc. Video-on-Demand 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 683,177 685,572 0.35 644,181 -6.04 531,287 -17.53 418,561 -21.22 -11.5
DTH revenue 0 0 0 0 0
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 -22,112 -6,327 -71.39
Total Revenue 683,177 685,572 0.35 644,181 -6.04 509,175 -20.96 412,234 -19.04 -11.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 365,618 363,252 -0.65 372,909 2.66 287,743 -22.84 224,428 -22.00 -11.5
Technical 79,301 64,939 -18.11 62,215 -4.19 62,288 0.12 78,172 25.50 -0.4
Sales and Promotion 38,509 14,333 -62.78 21,000 46.52 14,695 -30.02 0 -100.00 -100.0
Administration and General 66,972 47,244 -29.46 43,639 -7.63 35,991 -17.53 27,201 -24.42 -20.2
Total Expenses 550,400 489,768 -11.02 499,763 2.04 400,717 -19.82 329,801 -17.70 -12.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 132,777 195,804 144,418 108,458 82,433
Depreciation 54,463 54,463 0.00 70,069 28.65 70,069 0.00 85,676 22.27 12.0
P.B.I.T. 78,314 141,341 74,349 38,389 -3,243
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 78,314 141,341 74,349 38,389 -3,243

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 2,990 3,241 8.39 3,386 4.47 3,014 -10.99 2,169 -28.04 -7.7
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 0 0 0 0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 2,990 3,241 8.39 3,386 4.47 3,014 -10.99 2,169 -28.04 -7.7
Canadian Programming/Revenue (%) 0.44 0.47 0.53 0.59 0.53

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 45,460 43,948 -3.33 35,135 -20.05 43,155 22.83 55,566 28.76 5.2
Average Staff Count 1 1.5 50.00 1 -33.33 1 0.00 1 0.00
Avg Remuneration ($) 45,460 29,299 -35.55 35,135 19.92 43,155 22.83 55,566 28.76 5.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 19.4 28.6 22.4 21.3 20.0
P.B.I.T. Margin 11.5 20.6 11.5 7.5 -0.8
Pre-tax Margin 11.5 20.6 11.5 7.5 -0.8

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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